HKTDC Food expo

Our CEO, Mr. Dominic Tong, had the pleasure of presenting his insights on the opportunities and potential within the Muslim market at the HKTDC Food Expo.


Speech Highlights:

Capitalize on the global opportunity: Unlocked the potential Muslims market 

The presentation by Dominic shed light on the significant economic potential of the global Muslim market. As of June 2023, the Muslim population stands at approximately 1.81 billion, representing about 24% of the world’s total population. This demographic presents a massive opportunity for businesses worldwide. 

Market Size and Growth 

The Muslim consumer market is experiencing remarkable growth: 

  • In 2023, global Muslim consumer spending is estimated to reach US$2.2 trillion, accounting for about 12% of total global consumer spending. 
  • Over the past five years, this market has grown at an average annual rate of 6.2%, outpacing the global average. 
  • Projections indicate that by 2027, Muslim consumer spending could reach $2.8 trillion, with a compound annual growth rate (CAGR) of 4.9%. 

Key Industries 

  1. Food and Beverage Industry 
    The global Muslim food and beverage market is valued at approximately US$800 billion, representing 16% of the global food and beverage market. Halal-certified foods have become mainstream demands, including meat, dairy products, and baked goods. 
  1. Travel Industry 
    Global Muslim travel expenditure exceeds US$200 billion, making up 12% of global travel spending. There’s a high demand for Halal hotels, dining, and tourism attractions, with countries like Saudi Arabia, Malaysia, and Turkey becoming popular destinations for Muslim travelers. 
  1. Financial Industry 
    The Islamic financial market is valued at over US$3 trillion, including Islamic banking and insurance. Financial products that prohibit interest and adhere to Halal principles are highly favored by Muslim consumers. 
  1. Fashion and Accessories Industry 
    The global Muslim fashion and accessories market exceeds US$600 billion. There’s a strong demand for Muslim women’s clothing such as headscarves, as well as men’s apparel and accessories tailored to Muslim consumers. 

The Importance of Halal Certification 

Halal certification plays a crucial role in accessing this market: 

  • It ensures compliance with Islamic law 
  • Builds consumer trust and confidence 
  • Provides market access 
  • Assures quality 
  • Promotes ethical manufacturing 
  • Enhances branding and marketing opportunities 

The global Muslim market represents a significant economic opportunity for businesses worldwide. With its rapid growth, diverse industries, and increasing global influence, it’s becoming an essential target for multinational corporations. Understanding the unique needs and preferences of Muslim consumers, particularly through Halal certification, is key to capitalizing on this burgeoning market.